By John Lee.
The National Investment Commission (NIC) has signed an investment licence with the Halfaya Gas Company (HGC) for an associated gas project at the Nahr Bin Umar field in Basra province.
HGC is a special purpose vehicle owned by RASEP, which is part of the Baghdad-based Raban AI Safina Group of Companies.
A contract had previously been signed with the company in January, following approval by the Cabinet in November.
At the latest signing ceremony on Tuesday, NIC head Dr Haider Muhammad Makkiya confirmed that the field will produce 300 million cubic feet of gas in two phases, with each phase producing 150 million cubic feet, and the project is expected to be completed within 36 months.
Separately, Dr Makkiya told the state-run Iraqi News Agency (INA) that the cost of the project will be $2.6 billion.
(Sources: NIC; INA)
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